300 sections sold in project

Another 93 sections were about to be released on to the market in the next stage of the development.

When those had gone, almost 400 sections worth a total of $55 million to $60 million would have been sold, many of them within days of going on the market, Mr Coburn said.

The subdivision is below the Ladies Mile, near Lake Hayes.

Buyers snapped up an unprecedented 200 sections in six days in the first release in July 2002, prompting Mr Coburn and fellow developer, the late Howard Paterson, to add another 100 sections to that first stage.

A third 64-lot stage had since sold and Mr Coburn said he was hoping resource consent for the fourth 93-lot stage would be approved soon.

"I estimate in terms of bare real estate, with (what we've sold) and what we anticipate to sell, it would be a total of $55 million to $60 million worth," Mr Coburn said.

The last 64 sections had sold for between $155,000 and $185,000 each.

Mr Coburn saw these as affordable prices for the region and felt this had been a big attraction, especially for families.

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